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chapter 7
When a business becomes unable to meet obligations such as employee salaries, day to day invoices, and bank debt, management may turn to Bankruptcy law to liquidate or reorganize. As a rule, Courts prefer reorganization over liquidation, provided reorganization would be viable, preserve jobs, keep assets productive, and enhance the local economy. To begin with...
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This post was prepared by yours truly, with contributions from Phil Bradford, a financial web content writer. Phil graduated from New York University School of Law and recently joined Herald University as a reporter. He has also written for websites such as debtfreeguys.com and disabilitycanhappen.org An now, on with the post… Those who’ve exhausted their financial options or...
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The 7th Circuit found that the phrase “for cause” as used in the Bankruptcy Code embraces conduct that, even if not a violation of required procedures, avoids repayment of a debt without an adequate reason. In other words, the case was dismissed because the Schwartzes failed to pay as much of their indebtedness as they...
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The Bankruptcy Judge had the benefit of hearing the Debtor's testimony and deemed her credible: he knew her approach was wrong but thought she was sincere in her beliefs. The Appellate Court focused on the telltale signs that the Debtor had not been sincere and reasoned that it couldn't trust her as there were too...
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As a Bankruptcy lawyer I can't count how many times people have asked why Courts won't reduce their mortgage debt to match the deflated value of their home, or why they should pay anything on that second mortgage, line of credit, or HELOC, when they're underwater. I even discussed these questions and the state of...
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Priority disputes can be played out in Bankruptcy court. Take the case of In re Jones, in which Chapter 11 Debtors owned several pieces of property encumbered with mortgages cross-collateralized with other property of the Estate. That's when the trouble started...
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Yes Virginia, it is possible to both discharge unsecured debts forever (Chapter 7) and strip down secondary mortgages (Chapter 13). But why would a Debtor file two cases when it's hard enough to put themselves through one? Read on and find out.
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Your customer or borrower has been paying like clockwork and you, the creditor or vendor, have been dispensing goods and services as promised. Then your customer starts to pay a little later, then later still. Why not? Times are tough. So you do the decent thing and take their payments without complaining. Next thing you...
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What happens when the property taxes of a Chapter 13 Debtor, protected by the Automatic Stay, are sold at auction? Here the Bankruptcy Court for the Northern District of Illinois, Eastern Division, had to decide whether a Chapter 13 Plan of Reorganization affects the deadline for the Debtor to redeem sold taxes. The answer is,...
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Small business remains the backbone of the most vibrant economy in the world. America leads in innovation and hard work thanks in large part to small businesses and their owners. But in lean times, business owners need to know they have options. This post is about those options.
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